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RESOLUTIONS OF THE BOARD OF DIRECTORS OF THE OWL CREEK RESERVOIR COMPANY The Board of Directors of the Owl Creek Reservoir Company (Company), at a meeting held February i , 2003, at Eaton, Colorado, adopted the following resolutions concerning a loan in the amount of up to $1,125,000, not to exceed 90% of actual construction costs, from the State of Colorado Water Conservation Board (CWCB), for the purpose of rehabilitation of the Owl Creek Reservoir. At said meeting, the Board charged that these resolutions are irrepealable during the term of the loan and, pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as follows. 1. to enter into and comply with the terms of a contract with the Colorado Water Conservation Board for a loan in the amount of $1,125,000, or such actual amount, more or less, as needed to finance up to 90% of the project costs, and 2, to make the annual payments required by the promissory note, and 3. to pledge property of the Company as collateral for the loan including real estate and water rights, and to execute a deed of trust to convey a security interest in said property to the CWCB, and 4. to execute all documents as required by the loan contract, including, but not limited to, a Promissory Note, and 5. to take such other actions and to execute such other documents as may be necessary to consummate and implement the loan. CERTIFICATION THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY, RESPECTIVELY, HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 21S DAY OF February 2003. (SE��.) I�TT�S�� ` � , By ,`G�, - �'��' , `�� f , Valerie A. Moody, Corp at S cretary � Appendix 3b to Loan Contract C150089